Trump Wants to Cap Credit Card Interest at 10%. Here's What That Actually Means for You.

President Trump wants to cap credit card interest rates at 10%, and if you're one of the millions of Americans drowning in credit card debt, that sounds like a dream. But Nicole breaks down why this proposal might not be the hero story it seems, and what you should actually be doing right now while Washington debates. Nicole explains the real reason a rate cap could backfire, why people with lower credit scores could end up worse off, and the actionable moves you can make today (no legislation required). From the debt avalanche method to balance transfers, personal loans, and a surprisingly simple phone call that could save you thousands, this episode is your full playbook for escaping the high-interest debt trap. Check out Nicole’s financial literacy course The Money School Find a Financial Advisor or Financial Coach from Nicole’s company Private Wealth Collective Watch video clips from the pod on Money Rehab’s Instagram and Nicole Lapin’s Instagram Here's what Nicole covers today: 00:00 Are You Ready for Some Money Rehab? 00:16 Trump's 10% Credit Card Rate Cap, Explained 01:17 Why This Isn't the Win It Sounds Like 02:10 Who Could Lose Access to Credit Entirely 02:52 The Payday Loan Trap Nobody's Talking About 03:12 What You Can Do Right Now 03:53 Know Your APR 04:31 The Debt Avalanche Method 05:09 Balance Transfer Cards and Consolidation Loans 06:27 How to Negotiate Your Interest Rate 07:01 Why Even $25 Extra a Month Matters 07:41 Tip You Can Take Straight to the Bank All investing involves the risk of loss, including loss of principal. This podcast is for informational purposes only and does not constitute financial, investment, or legal advice. Always do your own research and consult a licensed financial advisor before making any financial decisions. Learn more about your ad choices. Visit megaphone.fm/adchoices